Bloomberg: Law firm partners Farley and Champ are one of the candidates to succeed Gensler as the chairman of SEC

According to Bloomberg, insiders revealed that Richard Farley, a partner at Kramer Levin Naftalis & Frankel law firm, and Norm Champ, a partner at K&L Gates law firm are among the candidates to succeed Gary Gensler as chairman of the U.S. Securities and Exchange Commission.

Other insiders indicated that Dan Gallagher, legal director of Robinhood Markets Inc., current SEC commissioner Mark Uyeda and former Commodity Futures Trading Commission Chairman Heath Tarbert are also under consideration.

Insiders said that former SEC Commissioner Paul Atkins and Robert Stebbins, a partner at Willkie Farr & Gallagher law firm are also in the running. Some insiders stated that members of President-elect Donald Trump's transition team and other advisors began talks with potential candidates after the election. Discussions are still ongoing and it may be several weeks before a candidate is confirmed. Regardless of Trump's choice, the next chairman of the SEC will likely carefully review major rules from Gensler's era yet to be implemented or not yet effective, seeking to reduce regulation on digital asset industry in compliance with securities laws.